from Sky news. Any idiot can face a crisis - it's day to day living that wears you out.
And his opening comment this morning is a shocker. After describing some of the weird action in Treasuries, he says: Is this the beginning of the end for the dollar and the Treasury market? Is this the first sign of the bursting of the bubble in Treasury securities? That market, in a sense, represents the ultimate bubble as it exists at the whim and caprice of foreign investors, who have as participants in a Faustian bargain, financed our war(s) and our lifestyle so generously over the last decade. Maybe even that bizarre construct is crashing about us as we speak. Maybe I should be drinking something a bit more ... calming .. than coffee right now.
And his opening comment this morning is a shocker. After describing some of the weird action in Treasuries, he says:
Is this the beginning of the end for the dollar and the Treasury market? Is this the first sign of the bursting of the bubble in Treasury securities? That market, in a sense, represents the ultimate bubble as it exists at the whim and caprice of foreign investors, who have as participants in a Faustian bargain, financed our war(s) and our lifestyle so generously over the last decade. Maybe even that bizarre construct is crashing about us as we speak.
Maybe I should be drinking something a bit more ... calming .. than coffee right now.
On a separate note, one good thing is that there haven't been any reports of people on Wall Street jumping out of windows. That's because the windows in modern office buildings don't open.
Who wants to blow today off and get rip-roaring drunk while blogging here at ET?
Will be back later to see who wants to participate.
Ah,a GRAND start to the New World Order! Now where's the fun in that! - Megatron
I'm going to see an improvised musical tonight, and then will pop in to hear new triphop band ELK late night. You can't be me, I'm taken
WHEEEEEEEEEEEEEEEEEEEEEEEEE
[Drew's WHEEEEE™ Technology] Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Radical Measures May Be In The Wings As the financial crisis threatens to spiral out of control, it's more likely Treasury Secretary Henry Paulson will take extraordinary steps through the extensive authority granted to him under emergency rescue legislation, say analysts. With the legislation's main mechanism--an auction system to purchase bad mortgage-based securities--still weeks away from implementation, Paulson may have to inject capital into any number of financial institutions--even non-depository ones like investment banks, insurers and hedge funds. "I don't wish to spread alarm on the line people but the big issue confronting the market is I'm afraid the health and sustainability of Morgan Stanley and Goldman Sachs," Hugh Hendry, Partner and CIO at Eclectica, told CNBC. "It is unimaginable that they can be allowed to go, I suspect that they will nationalized at some point today or over the weekend," he add.
As the financial crisis threatens to spiral out of control, it's more likely Treasury Secretary Henry Paulson will take extraordinary steps through the extensive authority granted to him under emergency rescue legislation, say analysts.
With the legislation's main mechanism--an auction system to purchase bad mortgage-based securities--still weeks away from implementation, Paulson may have to inject capital into any number of financial institutions--even non-depository ones like investment banks, insurers and hedge funds.
"I don't wish to spread alarm on the line people but the big issue confronting the market is I'm afraid the health and sustainability of Morgan Stanley and Goldman Sachs," Hugh Hendry, Partner and CIO at Eclectica, told CNBC. "It is unimaginable that they can be allowed to go, I suspect that they will nationalized at some point today or over the weekend," he add.
Um, that has been the case since September 17. On September 18, Paulson's plan was announced. On September 19 (Friday) the market had a historic rally. It lost all of if over the next week. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
Oct. 10 (Bloomberg) -- Morgan Stanley dropped for a fifth day after Moody's Investors Service said it may reduce the U.S. investment bank's credit rating on concern the financial crisis threatens earnings and investor confidence. Morgan Stanley fell as much as 30 percent in New York trading after sinking 26 percent yesterday to the lowest level since 1996. Moody's put Morgan Stanley's A1 long-term rating on review for a possible downgrade and lowered its outlook for Goldman Sachs Group Inc.'s Aa3 long-term rating to negative. Goldman shares also sank today.
Oct. 10 (Bloomberg) -- Morgan Stanley dropped for a fifth day after Moody's Investors Service said it may reduce the U.S. investment bank's credit rating on concern the financial crisis threatens earnings and investor confidence.
Morgan Stanley fell as much as 30 percent in New York trading after sinking 26 percent yesterday to the lowest level since 1996. Moody's put Morgan Stanley's A1 long-term rating on review for a possible downgrade and lowered its outlook for Goldman Sachs Group Inc.'s Aa3 long-term rating to negative. Goldman shares also sank today.
